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BASF Raises Offer to Engelhard Shareholders to $39 Per Share

May 23, 2006

BASF Aktiengesellschaft announced it has raised its all-cash offer for Engelhard Corporation to $39 per share from its previous offer of $38 per share. The takeover bid, which began almost five months ago, has been repeatedly rejected by Engelhard's Board of Directors.

“We are confident that Engelhard’s shareholders will recognize the superior value for all of their shares and the complete certainty that BASF is offering, as opposed to the risk and uncertainty of Engelhard’s leveraged recapitalization plan,” said Dr. Jürgen Hambrecht, chairman of the Board of Executive Directors of BASF Aktiengesellschaft. “We want to make it very clear: This is our last, best and final offer. Under no circumstances will we raise our price again. If Engelhard’s shareholders do not elect all of our nominees at Engelhard’s Annual Meeting, we will let our offer expire and pursue other opportunities.”